Table 16.1 presents our results by operating segment.

Table 16.1: Operating Segments


(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (1)	Reconciling Items (2)	Consolidated Company






















Quarter ended March 31, 2023
Net interest income (3)	$	7,433	2,489	2,461	1,044	16	(107)	13,336
Noninterest income	1,931		818	2,441	2,637	5	(439)	7,393
Total revenue	9,364		3,307	4,902	3,681	21	(546)	20,729
Provision for credit losses	867		(43)	252	11	120	—	1,207
Noninterest expense	6,038		1,752	2,217	3,061	608	—	13,676
Income (loss) before income tax expense (benefit)	2,459		1,598	2,433	609	(707)	(546)	5,846
Income tax expense (benefit)	618		399	615	152	(272)	(546)	966
Net income (loss) before noncontrolling interests	1,841		1,199	1,818	457	(435)	—	4,880
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(114)	—	(111)
Net income (loss)	$	1,841	1,196	1,818	457	(321)	—	4,991
Quarter ended March 31, 2022
Net interest income (3)	$	5,996	1,361	1,990	799	(818)	(107)	9,221
Noninterest income	2,567		966	1,480	2,958	942	(406)	8,507
Total revenue	8,563		2,327	3,470	3,757	124	(513)	17,728
Provision for credit losses	(190)		(344)	(196)	(37)	(20)	—	(787)
Noninterest expense	6,395		1,531	1,983	3,175	767	—	13,851
Income (loss) before income tax expense (benefit)	2,358		1,140	1,683	619	(623)	(513)	4,664
Income tax expense (benefit)	588		280	425	154	(188)	(513)	746
Net income (loss) before noncontrolling interests	1,770		860	1,258	465	(435)	—	3,918
Less: Net income from noncontrolling interests	—		3	—	—	127	—	130
Net income (loss)	$	1,770	857	1,258	465	(562)	—	3,788

























Quarter ended March 31, 2023
Loans (average)	$	338,308	222,826	294,742	83,621	9,154	—	948,651
Assets (average)	381,757		246,101	548,808	90,923	596,087	—	1,863,676
Deposits (average)	841,265		170,467	157,551	126,604	60,807	—	1,356,694

Loans (period-end)	337,511		226,599	291,817	82,817	9,247	—	947,991
Assets (period-end)	381,487		252,914	542,168	89,590	620,241	—	1,886,400
Deposits (period-end)	851,304		169,827	158,564	117,252	65,682	—	1,362,629





Quarter ended March 31, 2022
Loans (average)	$	325,055	194,395	284,498	84,765	9,292	—	898,005
Assets (average)	374,869		214,937	551,404	90,841	687,346	—	1,919,397
Deposits (average)	881,339		200,699	169,181	185,814	27,039	—	1,464,072

Loans (period-end)	328,558		198,833	290,627	84,688	9,101	—	911,807
Assets (period-end)	379,115		221,886	564,976	90,820	682,912	—	1,939,709
Deposits (period-end)	909,896		195,549	168,467	183,727	23,715	—	1,481,354

(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).

(2)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in Net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in Noninterest income, in each case with corresponding impacts to Income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

(3)Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets.